Depomed Inc. (NASDAQ:DEPO) was the recipient of a significant increase in short interest in the month of August. As of August 31st, there was short interest totalling 13,192,286 shares, an increase of 13.5% from the August 15th total of 11,618,047 shares. Based on an average trading volume of 900,649 shares, the short-interest ratio is currently 14.6 days. Currently, 21.8% of the company’s shares are sold short.

DEPO has been the subject of several recent research reports. Janney Montgomery Scott reaffirmed a “buy” rating and set a $28.00 price objective on shares of Depomed in a research report on Wednesday, September 14th. Cantor Fitzgerald reaffirmed a “buy” rating on shares of Depomed in a research report on Wednesday, June 22nd. Mizuho upped their price objective on Depomed from $23.00 to $27.00 and gave the stock a “buy” rating in a research report on Friday, September 16th. Piper Jaffray Cos. reaffirmed a “neutral” rating and set a $19.00 price objective (up from $18.00) on shares of Depomed in a research report on Thursday, August 4th. Finally, JMP Securities reduced their price objective on Depomed from $28.00 to $22.00 and set a “market outperform” rating for the company in a research report on Thursday, August 4th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $22.98.

In other news, CFO August J. Moretti sold 5,000 shares of the company’s stock in a transaction dated Wednesday, August 10th. The stock was sold at an average price of $21.40, for a total transaction of $107,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Thadd M. Vargas sold 26,290 shares of the company’s stock in a transaction dated Wednesday, August 10th. The stock was sold at an average price of $20.92, for a total value of $549,986.80. Following the transaction, the vice president now directly owns 84,336 shares of the company’s stock, valued at $1,764,309.12. The disclosure for this sale can be found here. 5.12% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of DEPO. Consonance Capital Management LP acquired a new position in Depomed during the first quarter valued at $38,396,000. Geode Capital Management LLC raised its position in Depomed by 6.7% in the first quarter. Geode Capital Management LLC now owns 414,513 shares of the specialty pharmaceutical company’s stock valued at $5,774,000 after buying an additional 26,160 shares during the period. UBS Asset Management Americas Inc. raised its position in Depomed by 17.7% in the first quarter. UBS Asset Management Americas Inc. now owns 31,896 shares of the specialty pharmaceutical company’s stock valued at $444,000 after buying an additional 4,800 shares during the period. UBS Group AG raised its position in Depomed by 13.1% in the first quarter. UBS Group AG now owns 74,874 shares of the specialty pharmaceutical company’s stock valued at $1,043,000 after buying an additional 8,662 shares during the period. Finally, Zebra Capital Management LLC raised its position in Depomed by 22.1% in the first quarter. Zebra Capital Management LLC now owns 18,264 shares of the specialty pharmaceutical company’s stock valued at $254,000 after buying an additional 3,306 shares during the period.

Shares of Depomed (NASDAQ:DEPO) opened at 24.22 on Wednesday. Depomed has a 1-year low of $12.25 and a 1-year high of $25.30. The company’s market cap is $1.49 billion. The firm has a 50-day moving average price of $21.17 and a 200 day moving average price of $18.58.

Depomed (NASDAQ:DEPO) last posted its quarterly earnings data on Wednesday, August 3rd. The specialty pharmaceutical company reported $0.27 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.01. Depomed had a positive return on equity of 3.71% and a negative net margin of 16.89%. The firm earned $116.70 million during the quarter, compared to analyst estimates of $118.20 million. During the same period last year, the company posted $0.27 EPS. The business’s quarterly revenue was up 23.5% on a year-over-year basis. On average, analysts predict that Depomed will post $1.21 EPS for the current fiscal year.

About Depomed

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